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US Q3 GDP growth revised higher to 2.1%

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US Q3 GDP growth revised higher to 2.1%

The U.S. economy grew at an annualized rate of 2.1% in the third quarter, topping the prior projection and the Econoday consensus forecast which were both 1.9%.

The latest print reflected an acceleration from a 2% growth rate in the second quarter.

The revised data showed that GDP growth remained "modest" in the third quarter, although growth in real disposable income provides "solid" underlying support for present and future economic expansion, according to Jay Bryson, acting chief economist at Wells Fargo Securities.

"The overall story remains one of some slowing in the overall rate of GDP growth over the past year or so," Bryson said in a note.

Earlier in November, growth trackers of two regional Federal Reserve banks showed that the U.S. economy was barely expanding in the fourth quarter, following weak industrial production and consumer data from October.

The Federal Reserve lowered its benchmark interest rate by 25 basis points on Oct. 30, easing its monetary policy for the third time this year to help shield the economy from weaker global growth and trade tensions.

The Fed's rate policy is "well positioned" to support the U.S. economic expansion, but policymakers are prepared to adjust rates if needed, Fed Chairman Jerome Powell said Nov. 25.

The acceleration in real GDP in the third quarter from the second quarter reflected upturns in exports, private inventory investment and residential fixed investment, the second estimate from the Bureau of Economic Analysis showed.

These were partly offset by decelerations in personal consumption expenditures, government spending and a larger decrease in nonresidential fixed investment.

The third GDP estimate is due Dec. 20.

Meanwhile, the personal consumption expenditures price index rose 1.5% in the third quarter, compared with a 2.4% growth rate registered in the prior quarter. Excluding food and energy prices, the index was up 2.1%, compared with a 1.9% rise in the previous quarter.